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United States · Bill · S

S. 1642 (112th)

United States-Korea Free Trade Agreement Implementation Act

openUnited States· United States Congress· EN

Introduced

3 October 2011

Last action

20 September 2012 · Committee

Status

By Senator Baucus from Committee on Finance filed written report. Report No. 112-223. Additional views filed.

Sponsors

Sen. Baucus, Max [D-MT], Sen. Hatch, Orrin G. [R-UT], Sen. McConnell, Mitch [R-KY]

Subjects

Taxation, Budget

Source updated

5 December 2025

Taxation · Budget

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Summary

United States-Korea Free Trade Agreement Implementation Act - Approves the United States-Korea Free Trade Agreement entered into on June 30, 2007, with the government of Korea. Prescribes implementing actions. Authorizes the President to establish or designate within the Department of Commerce an office responsible for administrative assistance to dispute settlement panels. Authorizes the President to proclaim specified tariff modifications. Prescribes formulae for the regional value-content of certain automotive goods under the Agreement. Authorizes the President to proclaim the addition to the list in Appendix 4-B-1 of the Agreement of fibers, yarns, and fabrics which are not available in commercial quantities in the United States. Amends the Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA) to prohibit the charging of customs user fees with respect to originating goods under this Act. Amends the Tariff Act of 1930 with respect to: (1) penalty-free prompt correction by an importer of an incorrect claim that a good qualifies as an originating good, (2) prohibition of false certifications of origin, and (3) denial of tariff treatment under the Agreement. Authorizes the President to direct the Secretary of the Treasury to take certain appropriate actions while the government of Korea conducts a verification of exporter or producer compliance with customs laws and regulations regarding trade in textiles or apparel goods. Prescribes procedures for: (1) petitions to the U.S. International Trade Commission for relief from imports benefiting from the Agreement, and (2) the provision of such relief. Prescribes certain safeguards with respect to imported Korean motor vehicles under the Agreement. Amends the Trade Agreements Act of 1979 to make a product or service of a party to the Agreement eligible for U.S. government procurement. Amends the Internal Revenue Code to increase to $500 the penalty on tax return preparers for failure to be diligent in determining eligibility for the earned income tax credit. Requires the heads of the Federal Bureau of Prisons and state prisons to provide detailed information to the Internal Revenue Service (IRS) on certain inmates. Amends COBRA to increase from 0.21% ad valorem to 0.3464% ad valorem, for the period between December 1, 2015, and June 30, 2021, the customs user fee for the processing of merchandise entered or released into the United States. Extends certain customs users fees for the processing of merchandise entered into the United States through August 2, 2021, and other specified customs users fees through December 8, 2020. Increases by 0.25% the required estimated tax payments otherwise due in the third quarter of 2012, and by 2.75% of such payments otherwise due in the third quarter of 2016 from corporations with assets of not less than $1 billion.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 3 October 2011

    Introduced

    Read twice and referred to the Committee on Finance.

    Source: IntroReferral

  2. 3 October 2011

    Introduced

    Introduced in Senate

    Source: IntroReferral

  3. 11 October 2011

    Calendars

    Placed on Senate Legislative Calendar under General Orders. Calendar No. 190.

    Source: Calendars

  4. 11 October 2011

    Reported

    Committee on Finance. Ordered to be reported without amendment favorably.

    Source: Committee

  5. 11 October 2011

    Reported

    Committee on Finance. Reported by Senator Baucus without amendment. Without written report.

    Source: Committee

  6. 20 September 2012

    Floor

    By Senator Baucus from Committee on Finance filed written report. Report No. 112-223. Additional views filed.

    Source: Floor

  7. 20 September 2012

    Committee

    By Senator Baucus from Committee on Finance filed written report. Report No. 112-223. Additional views filed.

    Source: Committee

Votes

No vote records are attached yet.

Versions

Documents

6 official files

Reported to Senate (text)

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  • Reported to Senate (text)

    Reported to Senate · EN · 11 October 2011

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  • Reported to Senate (PDF)

    Reported to Senate · EN · 11 October 2011

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  • Reported to Senate without amendment

    summary · EN · 11 October 2011

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  • Introduced in Senate (text)

    Introduced in Senate · EN · 3 October 2011

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  • Introduced in Senate (PDF)

    Introduced in Senate · EN · 3 October 2011

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  • Introduced in Senate

    summary · EN · 3 October 2011

    Open at official source

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Sponsors

Related records

Sources

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